Advanced Apprenticeship in Advising on Financial Products (Financial Advice)

What is an Apprenticeship?

Apprenticeships are awards that help employers derive maximum value from training budgets. They are available in many sectors, including insurance and financial services. They play a key part in addressing the skills gaps and shortages that exist in the wider financial services sector and beyond. Apprenticeships comprise the following elements:

Technical certificate
– eg Certificate in Financial Planning

Competence component
– eg Award in Providing Financial Advice

Externally assessed or embedded
– Key Skills

Internal training
– Employment Rights and Responsibilities

Apprenticeships allow staff to develop their technical knowledge, acquire new skills and benchmark competence. Typically the employer does not pay for this training, which happens in the workplace.

There is one overarching award in the financial services sector – the Advanced Apprenticeship in Advising on Financial Products – which has a number of pathways depending on the technical certificate taken.

What part does the CII play in Apprenticeships in Advising on Financial Products?

Staff taking the Advanced Apprenticeship in Advising on Financial Products (Financial Advice) take the Certificate in Financial Planning as the technical certificate.

Those completing the Advanced Apprenticeship in Advising on Financial Products (Financial Advice) can apply to use the designation ‘Cert PFS’ (CII membership and Continuing Professional Development requirements apply).

For more information on the Certificate in Financial Planning units, click here.

Who delivers Apprenticeships?

FE colleges and private training providers deliver Apprenticeship programmes for employers in the workplace. This allows the employer to focus on other training and development activity, since the college/training provider will provide extensive support for staff undertaking the award. Larger employers may also deliver the Apprenticeship using existing in-house expertise.

Who funds Apprenticeships?

The Learning and Skills Council (LSC) funds Apprenticeship provision across all sectors in England, and allocates funding to colleges and training providers.

For 16-18 year olds taking an Apprenticeship at any level, neither the learner nor the employer has to pay for the training.

For 19+ year olds taking an Apprenticeship at any level, the learner does not have to pay for the training, and the employer pays a maximum of 25% of the cost of the course.

Why take an Apprenticeship?

An Advanced Apprenticeship in Advising on Financial Products (Financial Advice) offers many benefits:

• Apprenticeship training is typically free to the employer and the learner, thus freeing up training budget for other activity.
• Apprenticeships typically take 18-24 months to complete so are useful recruitment and retention tools.
• Staff who have completed this Advanced Apprenticeship can apply to use the designation ‘Cert PFS’ providing a means of demonstrating educational achievement to the public and to peers (CII membership and Continuing Professional Development requirements apply).
• Those taking Apprenticeships receive high levels of support from the delivery team.
• The content of the Apprenticeship meets the regulator’s training and competence requirements.
• Anyone over the age of 16 who does not hold a degree is eligible to study for one.
• Allows for specialisation, rather than a ‘one size fits all’ programme.
• All exams are available online and on-demand, with results provided instantaneously.
• Satisfies the regulatory examination requirements for registered mortgage advisers.
• A ‘Record of Achievement’ is awarded for each CII unit passed and a ‘Certificate in Financial Planning’ is awarded upon completion, providing portable and permanent evidence of learning undertaken. Learners also receive an Apprenticeship award upon completion.
• As a holder you will meet the FSA regulatory examination requirments and the 'appropriate' examination standards for financial advisers as published by the FSSC.

Progression routes

Staff who have completed this Advanced Apprenticeship will hold the Certificate in Financial Planning qualification and will hold credits that can be used towards the Diploma in Financial Planning.

Who should take an Advanced Apprenticeship in Advising on Financial Products (Financial Advice)?

• Anyone wishing to gain a solid understanding of the financial services market, and financial planning advice in particular.
• Anyone requiring an understanding of regulatory issues, investment products and the process of giving advice to clients.
• Anyone who gives financial advice to clients, including independent financial advisers, tied agents, para-planners and other staff such as pensions specialists and financial analysts.
• Financial services administrative and technical support staff.
• Staff employed in support functions such as training, compliance, human resources, marketing, IT and finance who wish to improve their understanding of the business in which they work.
• Anyone wishing to gain a professional qualification, acquire knowledge and benchmark competence.

Apprenticeships in Northern Ireland, Scotland and Wales

If you are based in Northern Ireland, Scotland or Wales and wish to find out more about Apprenticeships, please contact CII via the details below.

Next steps

If you would like to study for this Advanced Apprenticeship, or if you are an employer wanting to put staff through an Advanced Apprenticeship, contact CII.